Human Capital: Specialization - Teams and coordination (Lecture 18 of 19) University of Chicago | Spring 2010

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This the eighteenth lecture in the "Lectures on Human Capital" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are from ECON 343 - Human Capital, a class taught every year by Gary Becker at the University of Chicago. In this class, Becker expounds upon the theory of Human Capital that he helped create and for which he won the Nobel Prize. Please see attached lecture notes, video annotations, and reading list for more information.

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Professor Becker continues to discuss concepts of the specialization and the division of labor problem. He also gives insights and develops economic models that explain social specialization. However, in this lecture he also introduces concepts such as coordination costs, marriage, and teamwork. He explains when and why the agents of the economy will work together.

Also, he explain how differences in personal abilities and how the tasks' difficulty affect the social outcomes. Professor Becker talks about the importance of the market as a coordinator of economic activities. He talks about communication, complementary skills, and entrepreneurship as basic concepts in the understanding of modern economies.

Key concepts: complementary skills, communication, coordination costs, division of labor, entrepreneurship, specialization, teamwork.

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